trending Market Intelligence /marketintelligence/en/news-insights/trending/6xn0e6kbuv12z22ads8xjg2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us
In This List

Evans Dixon acquires Fort Street Advisers

Banking Essentials Newsletter - November Edition

University Essentials | COVID-19 Economic Outlook in Banking: Rates and Long-Term Expectations: Q&A with the Experts

Estimating Credit Losses Under COVID-19 and the Post-Crisis Recovery

StreetTalk – Episode 70: Banks' Liquidity Conundrum Could Fuel M&A Activity


Evans Dixon acquires Fort Street Advisers

Australia's Evans Dixon Ltd. has acquired Fort Street Advisers Pty. Ltd. in a cash-and-stock deal.

Under the agreement, Evans Dixon will merge Fort Street with its capital markets business to form a corporate and institutional division. The new division will have three sub units — corporate advisory, markets and research.

Fort Street executive Richard Hunt will lead the new division as its executive chairman. Ben Keeble and Steve Hawkins, also from Fort Street, will co-head the corporate advisory unit. Alex Rock remains head of markets and Lorraine Robinson head of research.

Meanwhile, Paul Ryan was appointed managing director for private capital to develop Evans Dixon's principal and seed investing activity.

Further, Evans Dixon will raise its interests in joint ventures Fort Street Real Estate Capital Pty. Ltd. and Fort Street Real Estate Services Pty. Ltd. by an additional 25% as part of the deal. It will own up to 75% of each company.

The transaction, including the increase in share ownership in the joint ventures, comprises the issuance of 14.3 million Evans Dixon ordinary shares and a cash payment of A$23.4 million. This equates to a value of A$53.9 million based on the closing price of Evans Dixon shares of A$2.13 on the Australian Stock Exchange on Sept. 7.

The shares issued to sellers will represent approximately 6.27% of the post-transaction issued capital of Evans Dixon.